Preston allocates nearly $4 Billion to stablize neighborhoods in states and local communities hard-hit by foreclosure

U.S. Housing and Urban Development Secretary Steve Preston today allocated a total of $3.92 billion to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. HUD's new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.

To read the entire release, please visit: http://www.hud.gov/news/release.cfm?content=pr08-148.cfm